Money and Marriage: Do Separate Accounts Work?

Traditionally, when couples got married they opened joint checking and savings accounts and paid all monthly expenses from it. More couples today find that maintaining separate accounts help keep the peace. Many people believe separate accounts work because they have different spending philosophies than their spouse. Others want the independence of having their own money and were relieved at not having to worry about their spouse’s spending. While some people believe that keeping separate finances means couples aren’t fully committed to their marriage, both methods can work. The key is to keep open communication about money. Rules must be established on how split shared expenses and discuss purchases.

Read full article here: Do Money and Marriage Mix?

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